Bank exodus hurting SME's

High street banks are closing over ten branches a week leaving small businesses without basic services and forcing customers to travel out of town, further harming SMEs. Banks say they are following their customers, who are moving online, but James Daley, of consumer group Fairer Finance, said banks need to recognise they have a social responsibility as well as one to their shareholders. Mike Cherry of the FSB added: “Our members routinely deal with customers who want to pay in cash. Once a town loses a bank branch it hurts footfall, particularly in tourist hotspots, and means business owners have to spend time travelling out of town to use banking services.”